From Social to Financial: Understanding Trust in Extended Payment Services on Social Networking Platforms

Abstract

Considering the rapid increase in mobile payment usage, numerous big tech companies have added mobile payment to the primary services that their platforms offer. However, extant research predominantly treats this added service as a standalone offering and investigates user adoption and behavior for this service independent of the primary services. Recognizing this gap in the literature, this study considers the added service as part of an extended ecosystem and examines different motivations for using the primary service. Therefore, this study examines how different motivations for using social networking services (SNSs) shape trust in the extended payment service and ultimately influence behavioral intentions. Drawing on the schema congruity theory, we conceptualize trust as a multidimensional construct—distinguished between cognitive and emotional trust—and explore the impact of trust in the primary service on the use of an added service. Specifically, we analyze survey data of 478 users of South Korea’s leading SNS. The results reveal that both hedonic and utilitarian motivations positively influence emotional and cognitive trust, which, in turn, drive behavioral intention. However, hedonic (utilitarian) motivation exerts a stronger effect on emotional (cognitive) trust. Overall, the findings enhance the knowledge regarding trust formation in extended service ecosystems and offer insights for tech firms integrating financial services into their platforms.